National Saving and Budget Deficits
检验了政府预算赤字是否减少国民储蓄，发现价格调整的高就业赤字增加、实际货币基础扩大和实际汇率下降反而与后续国民储蓄增加相关，对传统和更广泛的储蓄度量均成立。
It has been widely argued that government budget deficits reduce national saving. Estimated relations indicate otherwise, both for the traditional or conventional, 'official' measure of national saving and a broader, more relevant measure, encompassing government and household as well as private business investment in tangible capital. Greater price-adjusted, high-employment deficits, increases in the real monetary base, and declines in real exchange rates have all been associated with more subsequent national saving. These relations, manifest in AR(1) regressions over the 1972-91, period were confirmed in vector autoregressions. Copyright 1994 by MIT Press.